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Domo Demotes the Spreadsheet to Save Six Figures and Countless Hours

Since we started using Adaptive’s Business Planning Cloud in combination with the Domo platform, we’ve been able to quickly execute on forecasts, saving time and money. We’ve probably saved hundreds of thousands of dollars just in manpower alone because of the individuals we would have had to hire to support our business, support our growth, and give us the functionally we have today.

Eric Stephenson, Director, FP&A

FP&A Connects Adaptive Insights into the Domo Platform to give all relevant stakeholders the ability to quickly execute on forecasts, saving time and money

While Domo’s software digitally connects people, data and systems together on mobile devices through the cloud, its finance team’s underlying system for financial planning was still stuck in the realm of terrestrial spreadsheets. Working with a massive Excel model spanning more than 100 tabs, the team struggled with version control and usability issues, not to mention untold hours of manual labor. “The spreadsheet was so big we couldn’t send it out,” says John Richards, vice president, finance, at Domo. “Another problem was that only one person could be working on it at any given time, which meant everyone else would have to wait around to do any important work in the model, costing us time and energy.”

Once Domo deployed Adaptive Insights Business Planning Cloud, the entire finance team was able to work on the model at the same time, freeing up time to spend on higher-value tasks. In addition, they connected data from Adaptive Insights into with other data from systems like NetSuite ERP through the Domo platform to give executives access to important business data right from their phones, increasing collaboration, data-driven decision-making, and the profile of finance. “We’re spending very little time on mundane maintenance-type activities,” says Richards. “Now the norm for my FP&A team is to spend time thinking about what we can do to improve our business partners’ work. It’s helped us focus on the things that are best for the company. And it’s allowed our executive team to have real-time access and a holistic understanding of how we are executing against our models so they can make decisions and take actions that drive the business.”

Challenges

Managing an Excel model that included more than 100 tabs

Waiting to do work while someone else was using the live spreadsheet

Being unable to access real-time data on mobile devices

Results

Now the whole team works on the model at the same time for improved staff efficiency

Integration through the Domo platform with data from other systems like NetSuite ERP to automatically pull in actuals, reducing manual entry

More time is spent conducting business-related analysis, scenario modeling, and decision support

About:

Domo’s cloud-based platform is used by more than 1,500 organizations, including 36% of the Fortune 50, to help all employees – from the CEO to the frontline worker, transform the way they manage their business, right from their phones.

Location:

American Fork, UT

Industry:

Software and Technology

We find ourselves in more executive-level business meetings helping them with decisions and understanding where the business is, and that’s what we want to be as an FP&A team. Adaptive Insights in combination with Domo has helped us focus on the things that are best for the company.